Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of hardwood flooring retailer Lumber Liquidators (NYSE: LL) plummeted 23% in early trading today after cutting its full-year earnings and revenue forecasts.

So what: Citing weak year-to-date results and uncertain demand, Lumber Liquidators now expects earnings of $1.00 to $1.15 per share on revenue of $670 million to $700 million, versus the average analyst estimate of a $1.19 per share profit on sales of $711.5 million. The shares had been on a nice run over the past month, trading at a lofty-ish P/E of 30 as of yesterday's close, so today's big plunge comes as no surprise as investors look to significantly readjust their growth expectations.  

Now what: Unless you're willing to handle some short-term pain, Lumber Liquidators isn't exactly the best place for your money. "The pressures challenging large-ticket purchasing decisions may continue to be volatile into the second half of the year, potentially resulting in continued consumer caution," CEO Jeffrey Griffiths said in a statement. Of course, for longer-term investors looking for a good deal on a quality company, today's pullback in Lumber Liquidators could be providing that opportunity.

Interested in more info on Lumber Liquidators? Add it to your watchlist.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Motley Fool newsletter services have recommended buying shares of Lumber Liquidators, and The Fool owns shares of it. Try any of our Foolish newsletter services free for 30 days.

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